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Focus on supplies this morning

BUNDS

Bund trades flat and within overnight ranges on the cash open, albeit better offered on the margin despite risk being offered.

  • Fair amount of supplies this morning, may keep the upside limited in early trading.
  • Today sees no tier 1 data. Italy Draghi faces confidence vote in the lower house, which he is expected to win, following his win in the upper chamber yesterday 262 to 40.
  • SUPPLIES; Spain 3, 7, 10, 20yr and France 3, 5, 7yr.
  • Could see some delta hedging.

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